UBPAS: Leaving UBPAS
What happens if I leave UBPAS before I retire?
You will be treated as leaving UBPAS:
- If your pensionable employment ceases; or
- If you chose to withdraw from UBPAS while remaining in pensionable employment.
Can I take refund of my contributions?
No, as all UBPAS members now have more than two years in the scheme a leaver cannot get a refund of their contributions.
Can I leave my benefits in UBPAS until retirement?
Yes. On leaving, you will become entitled to a pension and a cash lump sum payable from your Normal Retirement Date. These deferred benefits will be calculated in the usual way but based on your completed Pensionable Service and Final Pensionable Salary at the date you leave.
The annual pension is calculated as:
For benefits accrued prior to 1st November 2013: 1/80th x Final Pensionable Salary x Pensionable Service Years to 1st November 2013 at the date you left
For benefits accrued from 1st November 2013: accrual rate x Final Pensionable Salary x Pensionable Service Years from 1st November 2013 to 31 January 2017.
Plus, for benefits accrued from 1 February 2017: accrual rate x Final Pensionable Salary x Pensionable Service in scheme from 1 February 2017.
You will also receive a cash lump sum calculated as follows:
3 x the annual pension
During the period between leaving and Normal Retirement Date, your deferred benefits will be increased annually in line with increases in the Retail Prices Index up to a maximum of 5% p.a.
What benefits will be payable if I die before I draw my deferred benefits?
If you die before payment of your deferred pension commences, your contributions to UBPAS will be refunded to your dependants or estate. In addition, a Dependant's pension may be payable equal to 1/2 of your deferred pension revalued to the date of your death.
What benefits will be payable if I die after Normal Retirement Date?
If you die after your Normal Retirement Date, a Dependant's pension may be payable equal to 2/3rds of your deferred pension revalued to the date of your death.
Can I take my retirement benefits before Normal Retirement Date?
You may, with the consent of the University and the Trustees, request the payment of your benefits at any time after age 55.
In addition, if you are suffering from physical or mental deterioration which will permanently prevent you from undertaking your current occupation, you may, with the consent of the Trustees, request the immediate payment of your benefits.
In either case, the value of your benefits will be reduced to reflect the fact that you are being paid before normal retirement date and might therefore be paid for a longer period.
Can I take a transfer payment to another pension arrangement?
Yes. You can choose to transfer the value of your deferred benefits or accrued benefits in UBPAS to your new employer's scheme or to another approved pension arrangement. Further details are available from the Pensions Office.
How is the transfer payment calculated?
This is calculated in accordance with the guidance of the actuary to UBPAS.
Note: When you leave UBPAS you will be sent a statement showing your deferred benefits and listing the options available to you.
Keeping in touch with your benefits
If you leave with entitlement to deferred benefits, you should make sure that you notify the Pensions team of any change of address so as to avoid any possible delay in the payment of your pension.